Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchased for $17,500, and the adjusted basis was $1,350 at the time of the accident. The taxi was repaired at a cost of $2,825 and insurance reimbursed Don $739 of this cost. What is the amount of Don's casualty loss deduction?

Barney backs his truck into a telephone pole, causing $3,000 worth of damage to his truck.  Barney files a claim with his auto insurance.  His collision deductible is set at $500.  To get his car fixed, how much money will Barney receive from his insurance company? a$0 b$2,000 c$2,500 dThere is not enough information

An insured driver is injured to the tune of $15,000.  How is the insured paid and can the insured make a claim for the medical bills from the at fault driver (10/20/10 coverage) and if so, how much?  MP first then PIP and BI from the at fault driver insurance.   No. Florida has a No Fault statute that applies to injuries.   $8000 PIP and $7000 BI from the at fault driver insurance. Correct!  $10,000 PIP and $5000 BI from the at fault driver insurance.  Question 131 / 1 ptsWhich injury situation below resulting from an at fault driver is not included in Uninsured Motorist automobile coverage?  Hit and run accident.   At fault driver with BI limits lower than the insured’s injury claim amount. Correct!  At fault driver with BI limits higher than the insured’s injury claim amount.   At fault driver’s insurance company is insolvent.  Question 141 / 1 ptsThe insured is driving a car and has three other insured vehicles at home and is injured.  UM coverage is 25/50 stacked.   What is the coverage available for a covered UM claim?  25/150 Correct!  100/200   75/50   25 plus 75 times three  Question 151 / 1 ptsPhysical damage in the personal auto policy has two coverages.  Comprehensive and Mechanical Breakdown.   Collision and Upset/Overturn.   Other Than Collision and Vehicle Impact. Correct!  Other Than Collision and Collision.  Question 161 / 1 ptsAutomobile physical damage claims are adjusted with this method.  Actual cash value.   Cost to repair minus a penalty if at fault for the damage.   Cost to repair or replace. Correct!  Both A and C.  Question 171 / 1 ptsWhat is the personal automobile endorsement is needed when the insured has a non-owned automobile furnished for his regular use?  Named Non-Owned Coverage. Correct!  Extended Non-Owned Coverage.   Non-Owner Coverage.   Borrowed Auto Coverage.  Question 181 / 1 ptsWhat is the normal coverage for used autos in the Mechanical Breakdown Coverage policy?  36 months and 36,000 miles.   18 months and 18,000 miles.   48 months and 48,000 miles. Correct!  12 months and 12,000 miles.  Question 191 / 1 ptsThe insured driver is injured by an at fault driver who carries 10/20/10 liability coverage.  The insured has coverages: 10/20/10; PIP; MP $3,000; Stacked 10/20 UM on the three vehicles owns.   How is his injury claim of $40,000 paid?Correct!  PIP; MP; at fault driver BI; UM.   PIP; MP; at fault driver BI.   PIP; at fault driver BI; UM.   At fault driver BI is all that is needed.  Question 201 / 1 ptsWhat is the symbol in the Business Auto Policy with the broadest coverage?Correct!  Symbol 1.   Symbol 2.   Symbol 10.   I just don’t know.  Question 211 / 1 ptsWhich of these cannot be covered in the Business Auto Policy?  Passenger vehicles.   Trucks. Correct!  Mobile equipment not licensed for highway use.   Automobiles over 10,000 pounds.  Question 221 / 1 ptsAn additional rating factor for the Business Auto Policy not found in the Personal Auto policy is:  Territory or where located. Correct!  Distance driven or radius of operation.   Usage.   Gender and Age of drivers.  Question 231 / 1 ptsThe Garage Insurance Policy provides liability coverage for:  Operations of the insured business.   Vehicles owned by Garage businesses.   Premises. Correct!  All of the above  Question 241 / 1 ptsThe section of the Garage Insurance Policy that eliminates the exclusion for liability that arises out of property in the care, custody and control of the insured is:  Premises Elimination.   Vehicle Keepers. Correct!  Garage Keepers.   Physical Damage. Quiz Score: 24 out of 24PreviousNextLast Attempt Details:Time: 5 minutesCurrent Score: 24 out of 24Kept Score: 24 out of 242 Attempts so farView Previous AttemptsUnlimited AttemptsTake the Quiz Again(Will keep the highest of all your scores)

True or false: Casualty and theft deductions are allowed for financial losses resulting from federally declared disasters only. Deductions are for the amount exceeding 10% of AGI, less $100, for losses not reimbursed by an insurance company or other source.True false question.TrueFalse

In the previous year, SAM Ltd had made a tax loss of $60,000 for which it had recognized a deferred tax asset. The taxable profit for the current year before recoupment of tax loss is $250,000. SAM Ltd had claimed exempt income of $40,000 in calculating its current taxable profit. Ignore all other temporary differences. Tax rate is 30%. What is the current tax liability of SAM Ltd after recoupment of the tax loss?Group of answer choices$69,000$39,000$75,000$12,000

An insurance company has a loss adjustment expense of $12 million. Their severity is $6,200 per claim with frequency of 8.2%. The company has earned a premium of $185 million and incurred losses of $160 million. What is the loss ratio?